M&A Deal Summary

Sentinel Capital Partners, Audax Private Debt and Halifax Group Acquire TriMech Solutions

On March 14, 2022, private equity firm Sentinel Capital Partners, mezzanine finance firm Audax Private Debt and private equity firm Halifax Group acquired software company TriMech Solutions from Halifax Group

Acquisition Highlights
  • This is Sentinel Capital Partners’ 2nd, Audax Private Debt’s 2nd and Halifax Group’s 3rd transaction in the Software sector.
  • This is Sentinel Capital Partners’ 80th, Audax Private Debt’s 56th and Halifax Group’s 35th transaction in the United States.
  • This is Sentinel Capital Partners’ 1st, Audax Private Debt’s 1st and Halifax Group’s 4th transaction in Virginia.

M&A Deal Summary

Date 2022-03-14
Target TriMech Solutions
Sector Software
Buyer(s) Sentinel Capital Partners
Audax Private Debt
Halifax Group
Sellers(s) Halifax Group
Deal Type Secondary Buyout

Target

TriMech Solutions

Glen Allen, Virginia, United States
TriMech Solutions is a provider of computer-aided design and engineering software, additive and subtractive manufacturing solutions, and associated training, consulting, implementation, and staff augmentation services to customers across a variety of industries. TriMech Solutions was founded in 1998 and is based in Glen Allen, Virginia.

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Buyer(S) 3

Buyer

Sentinel Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 11.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sentinel Capital Partners is a private equity firm that targets investments in middle-market companies with strong management and 'attractive growth prospects'. Sentinel looks to invest up to $400 million of equity in companies generating EBITDA of up to $65 million. Sectors of interest include business services/outsourcing, consumer products and services, food and restaurants, franchising, and manufacturing. Prospective transaction situations include management buyouts, recapitalizations, corporate divestitures, take-privates, and growth capital financings. Sentinel Capital Partners was formed in 1995 and is based in New York, New York.


DEAL STATS #
Overall 87 of 96
Sector (Software) 2 of 2
Type (Secondary Buyout) 31 of 36
State (Virginia) 1 of 1
Country (United States) 80 of 89
Year (2022) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-02 American West Restaurant Group

Orange, California, United States

American West Restaurant Group is a Pizza Hut franchisee in California. American West Restaurant Group operates 221 Pizza Hut quick service restaurants ("QSRs") in greater Los Angeles across five contiguous counties: central Los Angeles, Riverside, San Bernardino, Ventura, and North Orange County. American West Restaurant Group is based in Orange, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-08 SPL

Houston, Texas, United States

SPL is an independent provider of critical outsourced hydrocarbon measurement, analysis, and reporting services for oil and gas production and transport in the United States. The Company provides a comprehensive suite of gas and liquid laboratory tests and related field services from its network of 8 labs and 14 field service locations across the U.S. and counts leading independent and major exploration and production companies, as well as midstream operators, among its customers. SPL’s test and measurement services enable its customers to evaluate the composition of the hydrocarbons they are producing to fine-tune production from wells, market products downstream, meet regulatory reporting requirements, and ensure accurate payment of royalties to leaseholders. Southern Petroleum Laboratories was founded in 1944 and is based in Houston, Texas.

Buy -
Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies valued between $10 and $60 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations.


DEAL STATS #
Overall 58 of 67
Sector (Software) 2 of 2
Type (Secondary Buyout) 25 of 29
State (Virginia) 1 of 1
Country (United States) 56 of 65
Year (2022) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-01 Backstage

Brooklyn, New York, United States

Backstage is an operator of a professional platform that connects actors, singers, dancers, comedians, voiceover artists, variety performers, and crew members with gigs and works with casting directors and content creators to help them find top industry talent. Backstage was founded in 1960 and is based in Brooklyn, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-13 Cerity Partners

New York, New York, United States

Cerity Partners is a provider of comprehensive financial management services to a diverse spectrum of High Net Worth (“HNW”) individuals and their families, businesses and their executives, and nonprofit organizations. Clarity Partners is based in New York City.

Buy -
Buyer

Halifax Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Halifax Group is a private equity firm focused on investing in established, profitable, and growing companies. The Firm prefers completing transactions in partnership with management and typically looks to invest $40 to $80 million per acquisition. Prospective companies generally have revenues of at least $20 million and EBITDA greater than $8 million. Sectors of interest include business services, healthcare services, infrastructure services, and 'wellness' products and services. Halifax prefers opportunities located in North America. The Halifax Group was formed in 1999 and is based in Washington, DC, with additional offices in Dallas, Texas and Raleigh, North Carolina.


DEAL STATS #
Overall 39 of 45
Sector (Software) 3 of 3
Type (Secondary Buyout) 13 of 16
State (Virginia) 4 of 4
Country (United States) 35 of 40
Year (2022) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-19 Case Facilities Management Solutions

North Attleborough, Massachusetts, United States

Case Facilities Management Solutions is a provider of snow management and landscaping services to customers across the U.S. Case Facilities Management Solutions was formed in 2009 and is headquartered in North Attleboro, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-23 Liberty Group

Houston, Texas, United States

Liberty Group provides temporary staffing, executive search, and employee screening services to clients in the multifamily residential real estate industry. Liberty Group was founded in 1977 and is based in Houston, Texas.

Buy -

Seller(S) 1

SELLER

Halifax Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Halifax Group is a private equity firm focused on investing in established, profitable, and growing companies. The Firm prefers completing transactions in partnership with management and typically looks to invest $40 to $80 million per acquisition. Prospective companies generally have revenues of at least $20 million and EBITDA greater than $8 million. Sectors of interest include business services, healthcare services, infrastructure services, and 'wellness' products and services. Halifax prefers opportunities located in North America. The Halifax Group was formed in 1999 and is based in Washington, DC, with additional offices in Dallas, Texas and Raleigh, North Carolina.


DEAL STATS #
Overall 23 of 24
Sector (Software) 2 of 2
Type (Secondary Buyout) 13 of 14
State (Virginia) 2 of 2
Country (United States) 19 of 20
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-19 Case Facilities Management Solutions

North Attleborough, Massachusetts, United States

Case Facilities Management Solutions is a provider of snow management and landscaping services to customers across the U.S. Case Facilities Management Solutions was formed in 2009 and is headquartered in North Attleboro, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-23 Liberty Group

Houston, Texas, United States

Liberty Group provides temporary staffing, executive search, and employee screening services to clients in the multifamily residential real estate industry. Liberty Group was founded in 1977 and is based in Houston, Texas.

Buy -